Standard & Poor's Assigns Preliminary Rating to Honda Auto Receivables 2001-2 Owner Trust

    NEW YORK, July 18 Standard & Poor's today assigned its
preliminary ratings to Honda Auto Receivables 2001-2 Owner Trust's
$1,574,000,000 asset-backed notes (see list).
    The preliminary ratings are based on information as of July 17, 2001.
Subsequent information may result in the assignment of final ratings that
differ from the preliminary ratings.
    The preliminary ratings reflect the credit enhancement provided by unrated
subordinate certificates, a reserve fund, and excess spread; the expected good
performance from a high-quality, prime pool of loans, of which 90% are for new
vehicles; a yield supplement account available to increase the yield on
underwater loans with interest rates lower than the combined costs of debt and
servicing; and a sound legal structure.
    A copy of Standard & Poor's complete presale report for this transaction
is available on RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com. The report is also available on
Standard & Poor's Ratings Services Web site at
http://www.standardandpoors.com/ratings. Under Presale Reports, select
Structured Finance, then Asset-Backed Securities, Standard & Poor's said. --
CreditWire

     PRELIMINARY RATINGS ASSIGNED
     Honda Auto Receivables 2001-2 Owner Trust
     Class                               Rating             Amount ($)
     A-1                                 A-1+              440,000,000
     A-2                                 AAA               410,000,000
     A-3                                 AAA               552,000,000
     A-4                                 AAA               204,000,000